Page 5 - Florida Sentinel 9-2-22

Column
Black Wealth Rising:
Millionaires And Billionaires
Though the figures may vary, depending on the source, Black wealth is ris- ing and rose even more in 2021. According to several sources, 1.79 million of them are African Ameri- cans. In fact, the number of new U. S. millionaires grew in 2020 from 6.6 million to 7.5 million (approximately 600,000 of them Black).
The “rich got richer with their net worth increasing by about 14 percent,” ac- cording to Forbes. Wealth is having a net worth of more than $1 million, ex- cluding a primary resi- dence, collectibles, and cars. Most of the rise in wealth was based upon stock market performance, global equities, and telecommunications.
There are 788 billion- aires in the U. S., 15 of whom are African and African American. It is eas- ier to tell you about the bil- lionaires since there are fewer billionaires than
there are millionaires. At least 80% of millionaires and billionaires are first generation “self-made” en- trepreneurs.
Among the 15 Black bil- lionaires are Aliko Dan- gote, a Nigerian who is the richest Black person ($11.5 billion) in the world who earns his wealth from in- vesting in cement, salt, flour, and sugar manufac- turing.
Oprah Winfrey, the first Black female billion- aire made her fortune ($2.7 billion) in the media and entertainment business, partnerships, and invest- ments in Weight Watcher and Apple.
Robert F. Smith made his fortune ($8 billion) by founding the private equity firm, VISTA Equity Part- ners. He paid the student debt of Morehouse Col- lege’s 2020 class.
Patrice Motesepe, a South African, is founder and chairman of African
Rainbow Minerals (mining) with interests in gold, fer- rous metals, base metals, and platinum. His net worth is listed at $8 billion.
Michael Jordan, a NBA great earns $1.7 bil- lion through sponsorship arrangements with, NIKE, Hanes, Gatorade, and Upper Deck, ownership of the Charlotte Hornets, in- terests in sports betting firm DraftKings, and NASCAR.
Strive Masiyiwa
earns $1.3 billion as owner of the mobile network, Econet Wireless Zimbabwe, part owner of Liquid Tele- com, a fiber optic and satel- lite service telecom firms across Africa.
David Stewart is the founder and chairman of Worldwide Technology for companies such as Verizon, Citi and the federal govern- ment which generates $5.5 billion.
Kanye West, artist, and entrepreneur (designs footwear) for Yeezy (Adi- das) has a net worth of $5.4 billion.
Abdulsamas Rabiu’s
net worth is $5.4 billion as founder of a Nigerian con- glomerate with interests in sugar refining, cement pro- duction, steel manufactur- ing, real estate, oil, gas, and shipping.
Michael Lee Chin, a Jamaican native, is worth $1.9 billion by investing in companies such as National Commonwealth Bank Ja-
maica and AIC Limited.
Tyler Perry, actor, screenwriter, producer, and owner of Tyler Perry Stu- dios, is worth $1 billion.
Rihanna Fenty, a na- tive of Barbados, singer, ac- tress and businesswoman, is worth $1.4 billion and is the wealthiest female musi- cian. She owns Fenty Beauty, a cosmetics com- pany and Fenty fashion house.
Mike Adenuga is worth $6.2 billion in in- come from investments in telecommunications, Equa- torial Trust Bank, and oil exploration and produc- tion. He is Nigeria’s fourth richest person.
Jay-Z, music entertain- ment entrepreneur, is worth $1.3 billion, ranks number 2 on the Richest Rapper’s list, top album and singles sales, live per- formances, Roca Wear clothing, investments in the Brooklyn Nets, the Barkley Center, Roc Nation Sports agency, real estate, art col- lection, and music stream- ing service, liquor investments, UBER, JetS-
marter, and partnerships with Reebok, Cherry Coke, Cohiba Cigars, Budweiser and NBA2K13.
Alexander Karp used an inheritance from his grandfather to invest in startups and stocks, later on founding a London based money management firm, Caedmon Group and Palantir Technologies, a software firm.
“To whom much is given, much is required” is an adage practiced by the billionaires, who spend millions to support and ini- tiate their own charities. The Masiyiwa’s alone pro- vided 250,000 scholarships over 20 years for young Africans to go to schools in America, China and the United Kingdom and pro- vided care for more than 40,000 orphans.
As more Blacks learn about sustainable invest- ing, our wealth will con- tinue to grow and produce more Black millionaires. We look forward to the con- tinued and future growth of Black millionaires and bil- lionaires.
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